Target CEO Resigns In Wake Of Data Breach
Monday, May 05, 2014
Target CEO and board chair Gregg Steinhafel, a 35-year veteran of the company, resigned today, nearly five months after a massive data breach at the company.
While today’s announcement did not specifically refer to the data breach, Steinhafel has been under pressure since December, when it was revealed that hackers had stolen data connected to tens of millions of customer credit and debit cards.
When the investigation is completed, experts say this is likely to be the largest data breach at a retailer, surpassing the 2007 breach that affected 90 million records at the parent company of T.J. Maxx.
Target’s board had been meeting with Steinhafel monthly, rather than quarterly, amid criticism that the company did not react quickly enough to early warnings that it had been hacked.
Last week, Target appointed a new head of technology and announced that it will partner with Mastercard to become the first major U.S. retailer to have store cards with secure “chip-and-PIN” technology.
Financial Times reporter Cardiff Garcia joins Here & Now’s Robin Young to with details.